Advent Technologies Holdings, Inc. (ADN), a technology development company, closed Friday’s regular trading session at $2.95 after plummeting 10.61% during the day. In the premarket trading session, ADN has further declined by 5.42% and as a result, is trading at $2.79 at the time of the writing.
ADN Got Orders for MEAs
The sharp decline in ADN stock price could be attributed to the announcement regarding new orders of HT-PEM MEAs. On Thursday, the company announced that it had got new orders for Membrane Electrode Assemblies (MEAs) from the Safran Power Units. Safran is a leading company in the development of turbojet engines and auxiliary power systems. Advent started the supply of Membrane Electrode Assemblies in Q1 2022. The assemblies are intended to provide support to the R&D efforts of Safran.
Tech Stocks on Rise
Technological stocks like ADN are in a constantly evolving state in the wake of tumultuous economic conditions as well as rising geopolitical frictions. Tech stocks can lead to the recovery of the market as well as its downturn. The breakthrough innovations lead to the growing investor attraction, however, any miscalculation could lead to the evaporation of investor interest. Alongside, tech stocks are also taking a more defensive nature, as a result of the intrusion of technology in all walks of life.
ADN Emphasis on Clean Energy
Earlier in April, ADN announced it had entered into an agreement with Hyundai Motor Company, according to which, both the companies agreed to play a pivotal role in the transition of the globe toward the generation of clean energy. Analysts are hailing this as a major deal, as the world is looking towards enhancing the capabilities of the renewable energy sector. Hence, due to this emphasis on clean energy, Advent would remain in focus in the future to come.
The recent past has provided a glimmer of hope for ADN in the wake of a capricious 12 months period. Looking ahead, ADN looks set to thrive upon this recently gained momentum, as fundamentals are looking solid for the stock.